State President Vo Van Thuong has proposed encouraging new investment in building infrastructure, transitioning to clean energy, and high-tech industrial production as one of three major orientations for the effective implementation of the Indo-Pacific Economic Framework for Prosperity (IPEF).

Addressing a meeting of leaders of IPEF partner nations as part of the APEC Economic Leaders’ Week in the US on November 16 (local time), President Thuong also said the IPEF needs to be open and inclusive with a non-discriminatory cooperation mechanism that will support the rules-based multilateral trading system.

Cooperation within the IPEF should meet the development needs of each party, balance the interests of all, respect and take into account the differences and particular characteristics of each country, and focus on technical support and capacity building, he said.

He noted that the IPEF is a concerted effort to enhance cooperation and coordination among economies as the world is facing numerous intertwined changes, opportunities, and challenges.

It is expected to become a model of dynamic and efficient economic connectivity, bringing practical benefits to the people, and contributing to peace, stability, and prosperity in the region and the world, he said.